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iCo Therapeutics Grants Options to Directors, Officers and Employees

TORONTO, Sept. 27, 2011 /CNW/ - iCo Therapeutics Inc. (TSXV: ICO) today
announced that on September 27, 2011 the Company granted a total of
1,050,000 stock options to directors, officers and employees of the
Company. The stock options are exercisable into common shares of the
Company at an exercise price of $0.29 for a period of five years and
are subject to vesting requirements. The Company's common shares
closed at $0.285 on the TSX Venture Exchange on September 27, 2011.

Under the Company's Stock Option Plan, the Company has a total of
3,200,000 common shares reserved for the issuance of stock options,
representing approximately 7.8% of the Company's 41,057,301 common
shares outstanding. Including the September 27, 2011 option grant, the
Company currently has 2,311,429 options issued and outstanding,
representing approximately 5.6% of the Company's common shares
outstanding.

About iCo Therapeutics
iCo Therapeutics Inc. is a Vancouver-based reprofiling company focused
on redosing or reformulating drugs with clinical history for new or
expanded indications. iCo has exclusive worldwide rights to three
products: iCo-007, in Phase 2 for the treatment of Diabetic Macular
Edema (DME), iCo-008 (Bertilimumab), a product with Phase 2 clinical
history to be developed for sight threatening diseases; and an oral
Amphotericin B delivery system for life-threatening infectious
diseases. Immune Pharmaceuticals licensed systemic rights to iCo-008 in
June 2011. iCo trades on the TSX Venture Exchange under the symbol
"ICO". For more information, visit the Company website at: www.icotherapeutics.com.

No regulatory authority has approved or disapproved the content of this
release. The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release.

Forward Looking Statements Certain statements included in this press release may be considered
forward-looking. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements, and therefore these statements should not
be read as guarantees of future performance or results. All
forward-looking statements are based on iCo Therapeutics' current
beliefs as well as assumptions made by and information currently
available to iCo Therapeutics and relate to, among other things,
anticipated financial performance, business prospects, strategies,
regulatory developments, market acceptance and future commitments.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Due to risks and uncertainties, including the risks and
uncertainties identified by iCo Therapeutics in its public securities
filings; actual events may differ materially from current expectations.
iCo Therapeutics disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.